GPT Group
(ASX:GPT) has combined with its wholesale office fund (ASX:GWOF) to buy Melbourne prime real estate
(ASX:CBW) the Corner of Bourke and William for $608 million.
Each company will acquire a 50 percent interest in the property, which includes 181 William Street, 550 Bourke Street and Goldsborough Lane.
GPT’s CEO Carmel Hourigan says the sale takes Group acquisitions to $1.7 billion since the start of 2014 and reflects the company’s positive expectations for the Melbourne CBD office market.
GWOF has now grown to $5.2 billion and is expected to build fund returns.
The property is due to settle in October.
For the first half of the 2014 financial year, GPT Group reported a net profit of $241 million.
